According to CNBC, U.S. Treasury yields edged lower early Tuesday after climbing to fresh highs in the previous session as inflation concerns persisted. The 10-year Treasury note yield fell about 1 basis point to 5.2278%, the 30-year Treasury bond yield slipped 1 basis point to 5.466%, and the 2-year Treasury note yield was unchanged at 4.9243%.

On Monday, the benchmark 10-year note yield and the longer-dated 3-year Treasury bond yield each rose 5 basis points, while the 2-year yield gained 6 basis points. The recent rise in borrowing costs has pushed yields to multiyear highs as the U.S. and Iran held separate talks with mediators aimed at resolving the conflict in the Middle East, according to a report by Al Jazeera. Traders are pricing in more than a 72% chance of another Federal Reserve rate hike at its October meeting after the Federal Open Market Committee voted 12-0 earlier this month to raise its main interest rate by 25 basis points.